About loans
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What is an APR?
APR is the Annual Percentage Rate (APR) and is used to describe the overall cost of money borrowed. It takes into account the interest rate, when it is charged (daily, weekly, monthly or annually), any fees charged when setting up the loan and any other costs applicable to the loan. The APR makes it easy to compare different loan products across the market.
- What is a representative APR?
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Will I receive the advertised APR?
The APR you receive may vary from the advertised rate. This is the representative rate which we expect most people who apply to get.
The rate you are offered will be a personalised rate based on your current individual circumstances including credit information held about you by the credit reference agencies, the loan amount you borrow and length of time you borrow for.
Applying for a Bank of Ireland UK Loan
- How do I apply?
- Need help completing your loan application?
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Who can apply?
To be eligible to apply for a loan up to £25,000 you must:
- Have been a UK resident for at least 3 years
- Are over 21 and no older than 70 when the loan term ends
- Have a regular income above £12,000 a year
- Have a good credit rating without a history of County Court Judgments or bankruptcy
- Have a UK based bank or building society account that can pay direct debits
- Ensure that you can meet the repayments, as missed payments incur a charge and could have severe consequences on your ability to obtain future credit
- You don’t know of, or anticipate, any changes to your income during the life of the loan which could materially affect your ability to afford the repayments
To be eligible to apply for a loan over £25,000 you must:
- Have been a UK resident for at least 3 years
- Are over 21 and no older than 70 when the loan term ends
- Have a regular income above £20,000 a year
- Have a good credit rating without a history of County Court Judgments or bankruptcy
- Have a UK based bank or building society account that can pay direct debits
- Applications from self-employed customers are not eligible for loans over £25,000. Self-employed customers can apply for loans up to £25,000.
- Applications from customers applying for a debt consolidation loan above £25,000 are not eligible. Customers can still apply for a loan up to £25,000.
- Applications for loans over £25,000 are only available on terms between 4 and 7 years
- Applications from customers living with parents are not eligible for loans over £25,000. Customers living with parents can apply for loans up to £25,000.
- Applications from tenants applying for home improvement loans are not eligible for loans over £25,000. Tenants applying for home improvement loans can still apply for loans up to £25,000.
- The minimum income for applicants is £20,000 when applying for loans over £25,000
- Ensure that you can meet the repayments, as missed payments incur a charge and could have severe consequences on your ability to obtain future credit
- You don’t know of, or anticipate, any changes to your income during the life of the loan which could materially affect your ability to afford the repayments
- How much can I borrow?
- How long can I take a loan for?
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Can you tell me how much a loan will cost without having to provide my personal details?
We offer a personalised price which is based on your individual circumstances and amount you wish to borrow and it is therefore necessary to capture your personal details. Please note that we do not offer an indicative quotation. If you proceed and submit an application, a credit search will be registered at the Credit Reference Agencies.
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Can I use this loan to pay off other debts?
Yes, in the right circumstances debt consolidation can be beneficial and help you manage your debt. If you have all your debts in one place, it means that you only have to track one interest rate and one payment to make each month.
However, before applying for a loan you should review your options to make sure that the loan which you are considering is right for you. For example, compare the rates of interest between your current loan or credit card providers and your proposed Bank of Ireland UK Loan and consider how long the loans are for.
In some circumstances taking out a loan to manage your finances could mean you end up paying a higher rate of interest and/or it may take longer for you to pay the money back.
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Does an unsecured loan greater than £25,000 suit my borrowing needs?
It is important that you consider your borrowing options before applying for a higher value unsecured loan with us. There are other financing products available across the marketplace. Make sure that you choose an option that best suits your borrowing needs. If you would like more information please visit MoneyHelper for more detail on secured vs unsecured lending options. MoneyHelper can provide impartial advice and information.
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I'm not sure if a Bank of Ireland UK Loan is right for me, what do I do?
Take the time you need to consider all of the information you are provided with so that you are sure the product is right for you before you commit.
See Borrowing Money with a Bank of Ireland UK Loan for more information. Perhaps, discuss it with a family member or friend.
If you're still unsure about how to make an application or what will happen next, please call Customer Services on 0345 600 2703.
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Can I change my mind about taking out a loan?
Yes. You have 14 calendar days from the day after you receive your acceptance letter to withdraw from your Agreement. If you decide you don't want a loan from us, just call 0345 600 2703 within this 14 day period. Alternatively, you can write to us at; Bank of Ireland UK Loans, PO Box 303, Lowton Way, Sheffield, S98 1SY.
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When will I know if I have been accepted for the loan?
In most cases you will get an instant decision online. In some cases we may require additional information or evidence of documentation, if this is the case we will be in touch with you by post within 5 days.
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What can I do if my loan application is declined and I don't agree?
If you are unhappy with the decision you can ask us to reconsider by telephoning us on 0345 600 2703. Alternatively, you can write to us at; Bank of Ireland UK Loans, PO Box 305, Sheffield, S98 1SZ.
You should be aware that we cannot give any guarantees that our original decision will be changed. To support your appeal you will need to provide us with any additional relevant information which was not given to us when you first made your application.
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What is credit scoring and how does it work?
To help understand whether to provide you with credit and to ensure responsible lending, your personal circumstances are taken into account.
To do this, each application is assessed using a system called credit scoring. All Bank of Ireland UK Loan applications go through a standard credit scoring process, which works by taking all of your personal information and giving each relevant detail a score. These individual values are then added together to provide a final score which provides the basis for our decision. This is a system we use to help us decide whether we can lend you money and is also used by most other banks. Please refer to ‘Our decision explained’ for more information.
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How do I get a copy of my credit report?
You can get hold of a copy of your statutory credit report:
- Online at experian.co.uk or
- By writing to Experian Ltd, Consumer Help Service, PO Box 8000, Nottingham, NG80 7WE.
- Online at transunion.co.uk or;
- By writing to TransUnion International UK Limited, One Park Lane, Leeds, West Yorkshire, LS3 1EP.
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What happens after my application has been approved?
We will send your agreement electronically or by post. You will need to check all the details, sign the agreement and return it to us in order for us to transfer the funds to your account. You will also be sent a copy of our Terms and Conditions, Pre Contractual Information (SECCI) and Important Information about your loan.
It is important that you read and understand the information contained within these documents. Please contact us if there is anything that you do not understand.
- How soon will I get the money?
Once you have your loan
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What if I am aware of a change in circumstances that may impact my ability to repay my loan?
If you become aware that your circumstances could change and may have an impact on your ability to pay your loan you should contact us to discuss the options available.
If you applied for your loan online please call us on 0800 169 2023, if you applied for your loan either in branch or via the phone please call us on 0800 917 0926.
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When do I need to make my first loan repayment?
Your first loan repayment will be one calendar month from the date the loan is released to you. You will see the date on your Welcome Letter. If this day falls on a bank holiday or weekend, the repayment will be made on the next business day.
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Can I change the date my repayments are made?
Yes. To change your repayment date simply call us on 0345 600 2703, after you have made your first repayment, and let us know which day of the month is best for you. Repayment date changes are limited to one per calendar year.
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How do I make my monthly repayments?
We require you to make your monthly repayments by direct debit, unless we agree otherwise. Your direct debit will be set up from the bank/building society you have chosen during your application.
If you want to change the bank account from which your repayments are paid please contact us on 0345 600 2703.
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What if I can't make my monthly repayment?
If you are struggling to keep up with the repayments on your loan for whatever reason, we are here to help. It is important that you call us on 0800 169 2023 and we will talk you through the options available.
If you are in arrears and unable to make your contractual repayments, please call us on 0800 169 2023. Should you wish to make a payment on your outstanding arrears, please click here.
There are lots of organisations that can provide confidential, impartial and free help and advice. For more information check out our Help and Guidance page.
If you are already in touch with an organisation that is giving you financial advice, please let us know and we can deal with them directly.
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Can I take a payment break?
No, the Bank of Ireland UK Loan doesn't come with a payment break option.
If you are struggling to keep up with the repayments on your loan, we are here to help. Please contact us on 0800 169 2023. Alternatively, there are lots of organisations that can provide confidential, impartial and free help and advice. For more information check out our Help and Guidance page.
- What should I do if I need to change my personal details?
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Can I pay my loan off early?
Yes, you can settle your agreement early in full or in part, at any time.
If you wish to pay off your loan in full you will first need to request a settlement quotation. We may charge up to 58 days interest if you pay off your loan in full early. You can get a quotation by calling us on 0345 600 2703 or you can write to us at; Bank of Ireland UK Loans, PO Box 303, Lowton Way, Sheffield, S98 1SY. To make a partial settlement you can call us to make a debit card payment. As a result of any repayment we reduce the term of your agreement unless you request otherwise.
For more information about how early repayments work and how the rebate is calculated follow the link below.
Early Settlements - Important Information
- How do I find out my outstanding loan balance?
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What format can I receive my loan documentation in?
We can provide documentation in braille, large print or audio on request. If you require documentation in any of these formats, please call us on 0345 600 2703. Alternatively, you can write to us at; Bank of Ireland UK Loans, PO Box 303, Lowton Way, Sheffield, S98 1SY.
Existing customers
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Do you have an existing Bank of Ireland UK Loan?
If you have an existing Bank of Ireland UK Loan and need to contact us please refer to our existing customers page 'Manage your loan' which will give you more information about the loan you have with us and how to contact us.
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Can I borrow more money and add it to my loan?
Unfortunately at this time we cannot add on additional funds to an existing loan. If you wish to borrow more money you will need to apply for a new loan. If you have further questions please call us on 0345 600 2703.
Contact us
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How can I contact you about my application / loan?
You can contact us to discuss any queries you have about your loan on 0345 600 2703. We are open Monday to Saturday, 8am – 8pm and Sunday, 9am – 5pm. Please note we are closed on bank holidays. Calls may be recorded for training and monitoring purposes.
Alternatively, you can write to us at; Bank of Ireland UK Loans, PO Box 305, Sheffield, S98 1SZ.